KMC ENTERPRISES ANNOUNCES FIRST QUARTER RESULTS
KMC ENTERPRISES ANNOUNCES FIRST QUARTER RESULTS SAN JOSE, Calif., May 19 /PRNewswire/ -- KMC Enterprises Inc.
(NASDAQ: KMCI) today reported results for the first quarter ended March 31, 1992.
Revenue for the first quarter 1992 was $22,045,000 compared to $219,000 in the same 1991 period. Net loss was $1,260,000, or $.31 per share, compared to a net loss of $245,000, or $.06 per share, one year ago. KMC Enterprises Inc., a 68 percent owned subsidiary of Worth Corp. (NASDAQ: WRTH), owns 62 percent of the outstanding common stock of Krause's Sofa Factory. Krause's, based in Brea, Calif., is a large manufacturer and retailer of made-to-order upholstered furniture. Krause's presently sells its products through 68 retail showrooms in California and six other Western states. KMC ENTERPRISES Summary of Operations (In Thousands, Except Per Share Results) Three Months Ended March 31, 1992 1991 Revenues $22,045 $219 Costs and expenses 23,298 590 Loss from Operations before income taxes (1,253) (371) Income tax provision (benefit) 7 (126) Net loss ($1,260) ($245) Net loss per share ($0.31) ($0.06) Weighted average common stock and common stock equivalents outstanding 4,081 3,982 -0- 5/19/92 /CONTACT: Robert G. Sharpe of KMC Enterprises, 408-436-7467/ (KMCI WRTH) CO: KMC Enterprises; Worth Corp. ST: California IN: REA SU: ERN
JL-RM -- SJ003 -- 1858 05/19/92 13:05 EDT
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|Date:||May 19, 1992|
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